Technology

Crossbridge Capital Gets All Digital With Onboarding For New Wealth Platform

Tom Burroughes, Group Editor, 10 March 2017

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The wealth manager's robo-advisor platform can onboard clients digitally in Singapore - a move the company says is a first.

The digital revolution proceeds apace. Crossbridge Capital, an international wealth firm serving ultra-high net worth investors, is now able to take accredited investor clients on to its recently launched robo-advisor platform without the need for paperwork.

The upgrades are to the firm’s CONNECT by Crossbridge digital platform, which the company called “Singapore’s first and largest functioning robo-advisor” in a statement. The platform has been developed in collaboration with B2B platform provider Bambu and asset manager Pershing, a BNY Mellon company. Singapore will act as a hub for future expansion into other markets. As part of the collaboration, clients’ assets and funds are held with US-based Pershing, which provides services including US tax reporting. This means US expatriate investors living in Singapore can invest on the platform, in addition to other accredited expatriates and Singaporean investors.

“CONNECT was designed to be an intuitive digital tool that provides an authentic wealth management experience for accredited investors of all experience levels," Charlie O’Flaherty, partner and head of digital strategy and distribution at Crossbridge Capital, said. “Today’s updates will significantly speed up the onboarding process while ensuring that the very best standards of customer identification and verification are maintained,” he added.

Tarek Khlat, co-founder and group chief executive at the firm, said: “We launched CONNECT in November because we believe that many clients are now looking for high quality investment options online and have been underserved by the existing choices available in the market. Early interest from clients and partners has been tremendous."

The firm said the CONNECT platform also brings wider access and connectivity to Crossbridge Capital’s in-house advice and investment talent, which currently advises on over $3 billion of client assets. 

Together with Morningstar, the investment research firm, Crossbridge has developed for CONNECT a series of portfolios built around specific risk-return profiles; each has exposure to up to 12 asset classes. 

CONNECT is available to accredited investors living in Singapore, including US expatriate investors, in addition to other accredited expatriates and Singaporean investors, the firm added.

The Monetary Authority of Singapore defines accredited investors as individuals with net personal assets over S$2 million ($1.41 million) or whose income in the preceding 12 months is not less than S$300,000.

For a previous story about developments at this firm, see here.

 

 

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